Meet Soweto-born Phuthi Mahanyele-Dabengwa, first black chief executive of $40 billion South African giant, Naspers

Phuthi Mahanyele-Dabengwa’s rise from Meadowlands in Soweto to the helm of one of Africa’s most valuable technology investors reflects a career shaped by discipline, education, and steady leadership. Over three decades, the South African executive has built a reputation as a measured decision-maker and respected corporate leader. Today, she stands as the first Black and first female chief executive of Naspers South Africa, part of the $40 billion global technology investor, while also holding leadership responsibilities within its Amsterdam-based unit, Prosus. Her appointment marked a defining moment for one of Africa’s most influential companies and cemented her standing among the continent’s most accomplished executives.

From Soweto to Naspers Leadership

Born in Meadowlands, Soweto, Mahanyele-Dabengwa’s early life was shaped by a strong emphasis on education and professional achievement. At 17, she left Johannesburg for the United States to attend Douglass College at Rutgers University, a move that set the foundation for her future in finance and corporate leadership. She graduated in 1993 with a bachelor’s degree in economics and later earned an MBA from De Montfort University in 1996. Her academic preparation opened doors to global finance, beginning with her role at Fieldstone Private Capital Group in New York City, an international investment banking firm specializing in infrastructure development.

Her time at Fieldstone marked the beginning of a steady climb through the financial sector. She rose to vice president in New York before transferring to the firm’s South Africa office. Her return home led to a leadership role at the Development Bank of Southern Africa, where she became head of project finance South Africa. In 2008, she strengthened her leadership credentials further by completing Harvard University’s Kennedy School of Government executive education program, “Global Leadership and Public Policy for the 21st Century.” Reflecting on her decision to return to South Africa after building a successful career in the United States, she once remarked, “Where else in the world would it make sense for a Black woman to be?” Her return underscored a commitment to contributing to South Africa’s economic growth and leadership development.

Mahanyele-Dabengwa joined Shanduka Energy in 2004 as managing director and later became chief executive officer of Shanduka Group, founded and chaired by South African President Cyril Ramaphosa. Her leadership at Shanduka strengthened her reputation as a capable executive with deep experience across infrastructure, energy, and investment. In 2016, she stepped down from Shanduka Group and founded Sigma Capital, marking another chapter in her professional journey. Three years later, in July 2019, she was appointed chief executive of Naspers South Africa, becoming the first Black and first female executive to lead the company in that capacity. Her responsibilities expanded further when she joined the Naspers board as an executive director on April 1, 2025, while also serving on the board of Prosus.

Leadership, strategy, and personal stakes

Her leadership at Naspers comes at a time when the company continues refining its investment portfolio and focusing on growth across e-commerce, fintech, and digital services. Mahanyele-Dabengwa has played a central role in shaping the company’s South African strategy, helping guide operations in a rapidly evolving technology sector. Her influence extends beyond strategy, as she represents a new generation of corporate leadership within one of Africa’s most prominent investment groups.

Beyond her executive responsibilities, Mahanyele-Dabengwa holds several board and advisory roles. She serves as an independent director of Vodacom Group and sits on the advisory board of Stellenbosch University’s business school. Her leadership extends to global policy and business forums, including the United Nations Global Compact Network South Africa and the BRICS Business Council in South Africa. These roles reflect her growing influence in business and governance circles across Africa and beyond.

Her stake in Naspers and Prosus further underscores her commitment to the company’s long-term performance. Mahanyele-Dabengwa holds 255 Naspers ordinary shares directly and 39,143 indirectly, bringing her total beneficial interest to 39,398 shares valued at R34.3 million, or $2.03 million. She also owns 1,050 Prosus ordinary shares, valued at €42,000, or $48,474. These holdings align her personal interests with the company’s broader strategy as it continues expanding its global technology investments.

Global recognition for leadership excellence

Over the years, Mahanyele-Dabengwa has received recognition for her leadership. She ranked 42nd on Fortune’s Most Powerful Women International list in 2020 and joined the Rutgers University Hall of Distinguished Alumni in 2016. Her awards include CNBC Africa’s All Africa Business Leaders “Woman of the Year” in 2019, Forbes Woman Africa “Businesswoman of the Year” in 2014, the Douglass Society’s “Distinguished Achievement” in 2013, Africa Investors’ “Leading Africa Woman in Business” in 2012, and the Rutgers Vision of Excellence Award in 2011.

Her achievements also include recognition by The Wall Street Journal, which named her among the “Top 50 women in the world to watch,” while the World Economic Forum selected her as a Global Young Leader in 2007. She was awarded “Top in Project Finance, 2003” by the Association of Black Securities & Investment Professionals and named “Most Influential Woman in Government and Business” in 2009. These honors reflect a career marked by steady progress and leadership across industries.